Oil prices gained over a percent in early Asian trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend, with no peace deal in sight between the United States and Iran to end the conflict in the Middle East.
Brent crude futures rose 60 cents, or 0.7%, to $89, while U.S. West Texas Intermediate crude futures slipped 40 cents to $83 a barrel. Both benchmarks gained more than 5% last week after attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on a Saudi Aramco refinery.
